I think it's at least clear for us that they are customers for whom we may not have been in the consideration set prior. Throughout the pandemic, we have been confident that we will emerge an even stronger company than we were before. This compares to earnings of … At that time, approximately half of the 51,000 associates who had in furloughed in April returned. Q2 FY21 Best Buy Co., Inc. Earnings Call. Best Buy posted adjusted earnings of 62 cents per share on $8.95 billion in revenue, compared to the consensus estimates of 47 cents per share and $8.85 billion. As you would imagine, these concepts are extensive and interdependent, and we are both implementing change today and assessing future implications across our business. Sales at stores open at least a year grew by 5.8%, higher than the 2.3% that Wall Street expected. They are navigating not only the impacts of the pandemic, but also fires, hurricanes and civil unrest. Yeah. There are some where we actually believe we're gaining. In the same quarter a year ago, Best Buy posted earnings of … And then a quick follow-up, maybe sticking with the margin, just on gross. Best Buy's Sharp Share Drop Isn't Over. Analysts had expected Best Buy earnings of $1.08 a share on sales of $9.71 billion. We opened and we said at that point we brought back about half of our furloughed associates. The former CEO of Philips Healthcare and leader of the IBM Watson health team will start in September. Its former health-care chief Asheesh Saksena stepped down earlier this month. We anticipate that our Q3 gross profit rate will continue to be pressured compared to last year, as we expect online sales will continue to be a higher percentage of our overall sales mix compared to the prior year. Aug 25, 2020 11:32AM EDT. So, what we've done is made some prudent and necessary steps to kind of look at our SG&A structure. Together, we've established two funds totaling more than $10 million, one for the benefit of any full or part-time employee meeting general financial help and a second for those who have become ill with the virus. "The stimulus provides a level of confidence and a backdrop against which customers feel like they have purchasing and spending power," she said. Best Buy (NYSE:BBY) is scheduled to announce Q2 earnings results on Tuesday, August 25th, before market open. Shop Best Buy for electronics, computers, appliances, cell phones, video games & more new tech. Clearly, the promotional cadence in events could change in Q3, and we -- holiday is -- will probably start earlier. Matt will provide more detail later, but we expect Q3 SG&A expense to be more in line with last year's third quarter. This is especially important for us to effectively respond should the virus flare up in certain markets. The health of our inventory remains strong and the lower inventory position reflects the inventory challenges Corie referenced earlier. Stock Advisor launched in February of 2002. Mike talked about televisions and entertainment, and this idea back to sports and being able to start to at least watch sports again on devices. Does it have to do with still trying to control traffic into the store or the tighter inventory levels? So, are you seeing home theater and TV up? And as we've said, promotionality will likely be a little bit more in Q3. Exactly how much, we'll determine by how much sales we actually have and how much gross profit rate pressure we'd be able to offset. Keep up the good work. We're evaluating when we may resume stock buybacks. In Q2, more than 97% of customers surveyed indicated that we made them feel safe and we believe the credibility we garnered will, over time, contribute to more brand love and thus more revenue. But the demand curves that we saw when we opened our stores have continued as we've entered into August well beyond just the traditional back-to-school categories. Best Buy's (BBY) Q2 results gain from growth across most categories. And getting to the promotional question, I think what I said earlier was, promotionally, we'll probably be a little higher in Q3 than it was in Q2 and Q1, but fundamentally still not a pressure on a year-over-year basis. This is a public commitment to interview at least one qualified person of color for every open leadership role that is at the vice president level or higher, including the C-suite and board of directors. So, we believe we continue -- we said it in Q1, we lost some share and we saw that trend continue again because our stores were largely closed. Two, our workforce will need to evolve in a way that meets the needs of customers while also providing more flexible opportunities for our people. There's been different things we're doing in the store and the 200 stores are going to be hubs for the online -- for online deliveries. Best Buy (BBY) delivered earnings and revenue surprises of 56.88% and 0.70%, respectively, for the quarter ended July 2020. The decline in services was primarily due to a higher mix of online sales, which has a lower attach rate than in-store. And so, I think it's less about distinctly calling out categories, Peter, and a little bit more about just the environment that we find ourselves in. We are also evolving the way we work to position employees to serve customers based on need, irrespective of channel. Q3, 2021, 2022 Earnings Estimates for Lakeland Industries Ratcheted Up 1:20AM ET 9/15/2020 MT Newswires. We are piloting more opportunities for virtual consultations with our blue shirts and in-home consultants, including abilities to share live video. And we also said we view that as very temporal in nature. And when we look at what we did for automation over the last three and the things that we had to do, it's very easy for us to receive products in our seven RDCs and then put them on the normal truck runs out to the stores that we already do and if we need to run extra trucks out to these 250 locations, so we can actually have rapid replenishment. The increase was driven by a comparable sales growth of 5%, which was partially offset by the loss of revenue from 25 stores that are permanently closed in the past year as part of our normal course of business. That same-store sales growth was its highest in two years, even though its stores were open by appointment only for the first six weeks of the quarter. Our Geek Squad agents are not only providing technical support to customers in stores, many of them have also been cross-trained to work in our call centers, providing crucial phone and chat support to solve a variety of customer needs. Thanks a lot for taking my question. In our domestic segment, revenue for the total quarter increased 3.5% to $9.1 billion. Very nice quarter. As a reminder, we had 53% of our business done online versus 42% in Q1, so parcel expense is the biggest gross profit rate pressure. And even over this period of time, we've seen better attach rates during the times our store were closed in Q1 and Q2. So far, positive trends have continued. Sales of large appliances and home theater have picked up as stores reopened. We are cognizant of all these factors. Like many retailers, we are also operating at reduced store hours, and after reopening our stores, we were operating with approximately 20% fewer hours than last year to match customer demand patterns. All Rights Reserved. Our Q2 non-GAAP earnings per share were $1.71 compared to $1.08 last year. And next we'll hear from Brian Nagel with Oppenheimer. I want to note that approximately $5 billion in revenue represents the most online revenue we have ever generated in a single quarter in the company's history, surpassing our previous all-time high by almost 40%. During the second quarter, we returned $143 million to shareholders in the form of dividends. Net earnings of $432.0 million, up from $238.0 million. The first one is just on supply chain, many fulfillment hubs for the stores that you're shifting to, to this model. Although we didn't provide guidance for the quarter during our last earnings call, we shared a belief that our Q2 sales would be pressured, and we would experience a decline in our operating income rate. I would like to take a moment to recap the evolution of our store operating model. Our strategy is to embrace that reality and lead not follow. But with a similar SG&A level in Q3, with higher sales, we would expect SG&A leverage to continue in Q3. I'd say over the years in online, we've actually been improving our gross margin rates. So, the first question I want to ask, I think, Corie, you discussed in your prepared comments just the degree to which new customers come in to Best Buy. Good morning. Deborah has more than 30 years of experience at the intersection of healthcare and technology, including leading the IBM Watson health team, where she launched artificial intelligence offerings designed to help doctors, researchers, healthcare providers, pharmacists and insurers better serve patients around the world. And as has been our brand for years, we will continue to look for cost efficiencies to help improve our cost basis. As Corie mentioned, we expect our Q3 SG&A dollars to be very similar to last year's Q3. The fewer labor hours were primarily due to stores being closed to non-appointment traffic for approximately half of the quarter and our reduced store operating hours. So, customers can more easily select the right products based on the space in their homes by using the camera on their own phone. And that's the primary thing we're focused on for this holiday. One, customer shopping behavior will be permanently changed in a way that is even more digital and puts customers entirely in control to shop how they want. The Best Buy earnings report sent BBY stock reeling. As it relates to our people, we are investing in compensation and beginning to incorporate elements of the flexible workforce we first introduced at our investor day a year ago. Best Buy (BBY) came out with quarterly earnings of $1.71 per share, beating the Zacks Consensus Estimate of $1.09 per share. Nice execution here. And for our curbside pickup experience, we are adding functionality that will display information about high and low traffic times and provide digital updates for customers when they are in the parking lot waiting for their curbside orders. For the in-store experience, we are piloting a self-service, in-aisle checkout for selected SKUs. And as like many companies, we're taking the time to really evaluate when we might resume that. "It's probably about using stores differently and meeting the customer where they want to be met.". These included keeping store employees on furlough, suspending short-term incentives and lower advertising expense. You talked, obviously, broad-based sales, right, in the quarter with the exception, as you called out, being the mobile category. Turning to profitability. And I think we're very well positioned as we head into Q3 into the back half from a share perspective. Stay-at-home retail trades are in the 'early innings,' analyst Dana Telsey says. People wearing masks walk past a large face mask sign in front of a Best Buy near Columbus Circle that as the city enters Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus in New York City. And four, lower medical claims expense of approximately $25 million. Today, we are reporting strong quarterly results, and we are encouraged to see the customer demand for our products and services, and proud of the amazing execution of our teams to these unprecedented times. Zacks Equity Research Zacks Published. These sales on a temporarily lower cost base resulted in incremental leverage that drove a more favorable operating income rate. She said the pandemic has strengthened the company's interest in health care, too, especially as older Americans look for ways to stay healthy and live independently. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures and an explanation of why these non-GAAP financial measures are useful can be found in this morning's earnings release, which is available on our website, investors.bestbuy.com. In fact, in the last seven weeks of the quarter, online revenue grew approximately 180% over the same period last year. And if you look at store labor hours in total, while we are increasing labor hours for them being open and also -- we've also increased the hourly wage rate. Best Buy (BBY) came out with quarterly earnings of $1.71 per share, beating the Zacks Consensus Estimate of $1.09 per share. At the same time, we are encouraged by our clarity of purpose and our momentum, which has guided and will continue to guide our operating model changes and investments. And while it is still early, these new customers are showing a higher likelihood to return than new customers in the prior-year period. Clearly, as those change, it could affect promotionality. Domestic online sales have continued to be very strong in Q3 and are up approximately 175% for the first three weeks of August. Trends across most categories improved materially throughout the quarter as we opened our stores for shopping, especially categories like large appliances and home theater that benefit from more experiential shopping. And we definitely see that in our customer responses. We expect this will be offset by higher advertising expense as we prepare for our earlier start to the holiday season, as well as increased variable costs from the anticipated revenue growth. We believe it is essential to provide options that let customers choose what works best for them. Good morning, everyone, and congrats to the Best Buy team on good execution. As a result, we are starting to evolve the way we use our stores for fulfillment. Thanks for taking my questions. Welcome to Best Buy's First Quarter Fiscal 2021 Earnings Call. I actually had just two quick follow-up questions to some that have already been asked. We are leveraging localized data and analytics that allow us to pilot various services, like opening stores an hour earlier for consultations only. Their willingness, even enthusiasm, to continually adapt as we manage through the evolving environment has been extraordinary. And as a percentage of revenue, decreased approximately 500 basis points, primarily due to lower store payroll expense in Canada and the favorable impact of foreign exchange rates. However, she said, additional stimulus could make them feel more secure. As a reminder, our comparable sales calculation includes revenue from all stores that were temporarily closed or operating in our curbside-only operating model during the period as a result of COVID-19. X. These locations were chosen for their space, proximity to carrier partners and ability to support same and next-day delivery. It was actually a little less than we actually expected as we work through the quarter. And we're one of the leaders in a new public-private partnership called ConnectedMN that will provide computers and Internet access to thousands of youth in our home state. But right now, we like the position that we're in to be able to keep flexibility through the remaining part of this year, but we will certainly readdress that at some point. Listen to webcast We will provide more examples as our plans evolve, but here are some initial thoughts on strategic implications over the next several quarters. We're seeing favorable trends across literally all of our categories right now as we exit Q2 and start Q3 with the one exception that we noted around mobile phones. We've also committed to creating more than 100 teen tech centers to help bridge the opportunity gap and digital divide for teens in disinvested communities across the country. Our culture of inclusion values every human being's experience and supports each employee to bring their true and authentic cells to work. Let's conquer your financial goals together...faster. While strong demand continued across the category, sales of accessories like controllers and headsets was offset by constrained inventory availability of gaming consoles. Promotionally, we actually expected it to be a little bit more promotional going into Q2. You repaid your entire revolving credit facility. Share. And so, this only underscores our belief that our stores are a unique and powerful asset for us. Market data powered by FactSet and Web Financial Group. And as a result, our purpose to enrich lives through technology has never been more important. Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our CFO; and Mike Mohan, our president and COO. Hence, the reason we said that by the end of the quarter, we had two-thirds of our furloughed associates back in the hours associated with that, so we could meet some of that demand. Why wouldn't you be gaining share, especially as your stores are now open and you're growing sales 20% quarter to date? In-store pickup & free 2-day shipping on thousands of items. Overall, as we plan for the back half of the year, we continue to weigh many factors, including a potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of a pandemic, the risk of continued higher unemployment and the availability of inventory to match customer demand. The pandemic has accelerated the evolution of retail and compelled us to change our operating model in the best interest of our customers and employees. They're very favorably responding to the environment that we're creating. Obviously, the stimulus, to some extent, has helped certainly up to this point. Online has typically had a little less -- a little more -- a little lower gross profit rate but a little bit more SG&A leverage. Chris, thanks for the question. Best Buy posted strong second-quarter earnings, as it benefited from stay-at-home trends during the pandemic, such as cooking, learning and working from home. So, I think we found someone who has life experience that very closely aligns with where we think the strategy needs to go. Yeah. Now, I would like to turn the call over to Matt for more details on our Q2 financial results. Sure. I wanted -- two questions. Holidays likely will be different. Congrats on another spectacular quarter. And that will be an extended phenomenon as it's going to have kids going back and forth probably some school to work, but we're also seeing people want to entertain. So, it's a little bit the best of both worlds, which is why we're so experientially focused on creating the environment, both safety and choice, that will make us appealing for all customers. Cumulative Growth of a $10,000 Investment in Stock Advisor, Best Buy (BBY) Q2 2021 Earnings Call Transcript @themotleyfool #stocks $BBY, Best Buy CEO: Shoppers Have Been "Permanently Changed" by the Pandemic, Best Buy Declares Fresh Dividend; Yield Is 2%, Best Buy (BBY) Q3 2021 Earnings Call Transcript, Retailers Have No Idea What Will Happen This Holiday Season, Best Buy Smashes Q3 Estimates as Online Sales Rocket 174%, Comps 23%, Copyright, Trademark and Patent Information. So, I hope that gives you a little bit of color. And our digital experiences, such as chatting with an expert or leveraging a digital consultation in your home, remain popular options. This growth was partially offset by declines in mobile phones and digital imaging. We literally didn't have enough people in the stores and hours in the stores to be able to handle that kind of demand. Mike Mohan -- President and Chief Operating Officer. This helped Best Buy grow its adjusted operating margin by 190 basis points y-o-y to 5.9%, driving a 58% surge in adjusted earnings per share to $1.71 in Q2. For example, next month, we will be piloting a ship-from-store hub model to help handle significant volume pre-holiday and year-round. Best Buy on Tuesday reported strong second-quarter sales growth, helped by its biggest quarterly increase in online sales ever, but cast a cautious eye toward the future as it said everything from stimulus to the unemployment rate could change how much customers spend. Understood. Sure. Got it. And then, of course, we've highlighted inventory availability and mall retail strongly, all of our vendor partners are doing everything they can to catch back up. We also resumed our in-home sales consultations, adding to the other in-home services we provide like delivery, installation and repair, we had previously resumed back in May. And then, in addition to that, we continue to see pressure from the lower profit sharing from the Citi relationship we have. As most of you know, we launched our in-home advisor program a few years ago. Thank you, and good morning, everyone. And I think that what we will see is that the stores may be used differently. Now, each quarter can be a little bit different. I mean, everything that people are doing right now is on the back of technology in their home, and it completely underscores our purpose and our philosophy, and that is you actually right now are enriching your life through technology. As we look forward, the environment is still evolving and our operating model and supporting cost structure is evolving as well. We were also recently named one of Parity.org's best companies for women to advance. You talked a lot about the shift to online. To be clear, in Q2, the primary gross profit rate pressure we saw was coming from supply chain in the form of higher parcel expense. Two, lower advertising expense of approximately $40 million. The incremental hourly appreciation pay started March 22 and ended August 1. Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services.Â, © 2020 CNBC LLC. Got it. I would add that since the beginning of the pandemic, we have seen elevated growth in the number of new customers. For the first six months of its fiscal year, Best Buy … Domestic total revenue of $9.13 billion, up 3.5% from $8.82 billion. We also saw lower profit-sharing revenue from our private label and co-branded credit card arrangement, which impacted our gross profit rate by approximately 20 basis points. I think about it in two different ways. Hi good morning. The Best Buy earnings report pushed BBY stock lower. During the call today, we will be discussing both GAAP and non-GAAP financial measures. Now, you're going to have a fully normalized quarter, where you're going to have both a new starting wage of $15, but also what we think is the labor commensurate to meet the demand and provide the level of service that will help highlight our ability to provide services or financial services or lease-to-own or many of the other things that come with a full transaction for us. Best Buy (BBY) Q2 Earnings & Sales Beat Estimates, Up Y/Y. And I would cite things like where we are in the government aid programs and whether or not there will be a new package going forward. For the fiscal Q2 ended Aug. 1, Best Buy also reports: Total revenue of $9.91 billion, up 3.9% from $9.54 billion in Q2 2019. Prior to reopening, we were retaining approximately 92% of last year's revenue at the start of Q2. But it's closer to our carrier delivery pads. X The Richfield, Minn.-based company earned an adjusted $1.08 a share on sales of $9.54 billion in the quarter ended Aug. 3. Thanks. OK. That sounds encouraging. The customer is in charge. Clearly, we are still operating in a dynamic environment, and much uncertainty remains around future outbreaks, government stimulus efforts and the economic impact of sustained high unemployment levels and ongoing shutdowns that vary by industry. We are excited to have her lead our strategic work to bring health technology into the home to help people live better, safer and more independent lives. Going forward, we are on a path to develop a flexible workforce model that leverages technology and provides associates the ability to work whenever and wherever they want. Sometimes that can depend on the -- even inventory position at the time. Have a great day. We now have a system with tiered advisors, which provides more opportunities for more employees by matching employees with the needs of the customer. And then just my follow-up question is new leadership at Best Buy Health. The company declined to provide a financial outlook for the rest of the year. I think there's questions around overall sustained unemployment levels. As a percentage of sales, our non-GAAP operating income of 5.9% increased 190 basis points compared to the prior year. We are also continuing to add additional third-party physical pickup locations for online orders to provide more flexibility and convenience for customers, and now have more than 16,000 covering 85% of the population within five miles. I wanted to look at the margin differential between the retail stores and e-comm. Home theater comp sales were approximately flat to last year, a material improvement from Q1's performance as trends continue to improve as we open our stores to customer shopping. So, we see the consumer demand strong. To meet this increased demand, we have now returned approximately two-thirds of the furloughed associates. As a result of the ongoing uncertainty, we are not providing financial guidance today. Shares of the company were down about 4% Tuesday afternoon, after Best Buy referred to the uncertain economic backdrop and declined to provide a financial outlook for the rest of the year. Yeah. We ended the quarter with $5.3 billion in cash. On a comparable basis, our online revenue increased 242% over the second quarter of last year. approximately 51,000 hourly workers that it furloughed. We were a pioneer in this whole idea of buy online and pick up in store, which allowed us to be the first major retailer to figure out how do we ship from store. The increase was driven by comparable sales growth of 15.1%, which was partially offset by 490 basis points of negative foreign currency impact. This will allow a checkout process that is fast, convenient and involves minimal contact for customers. And when you go through what we saw in Q1, that dramatic change of online sales -- going to online sales, you can't necessarily correct right away in those periods. As we think about entering the holiday selling season here, what is sort of the promotional calendar looking like from your perspective today? Although we temporarily gave up some share while our stores were closed to customer traffic, according to our data, our share has largely recovered since reopening. Our international SG&A decreased $24 million compared to last year. Find the latest Earnings Report Date for Best Buy Co., Inc. Common Stock (BBY) at Nasdaq.com. Even when stores opened for customer shopping, online sales growth continued to be extremely strong. It's really difficult to determine exactly how much. Points of presence and a different ability to meet the customer experience in advance of ongoing. 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